Corporate Social Responsibility (CSR) is crucial for promoting sustainability in the fashion industry, heavily impacted by fast fashion and overconsumption. This study investigates CSR's role in addressing these challenges through two main objectives: (i) providing a systematic theoretical analysis of the responsibilities of firms and consumers in developing effective CSR strategies, and (ii) evaluating the incorporation of sustainability aspects and performance in CSR reports from leading fashion companies. Using a benchmark scoring technique based on Global Reporting Initiative (GRI) standards, the study assesses the accountability and performance indicators in these reports for 2021 and 2022. The analysis reveals that both firms and consumers are vital in advancing sustainable practices. Firms must integrate comprehensive CSR strategies addressing social, environmental, and economic impacts, while consumers drive demand for sustainable products through informed choices and political consumerism. The evaluation of CSR reports indicates an increase in sustainability disclosures over the years, highlighting a trend towards greater transparency. However, a significant gap remains in providing comprehensive quantitative data for accurate performance assessment. The study identifies challenges in effectively integrating CSR within the fashion industry, including complex supply chains and inherent overconsumption. It underscores the critical role of consumer behavior in driving sustainable practices, noting a gap between awareness and action due to limited accessible information and feasible alternatives. To address these challenges, the study suggests promoting slow fashion, leveraging economic incentives, and integrating cultural values into product design. Additionally, adopting standardized reporting frameworks and technological innovations can enhance supply chain transparency and traceability, fostering consumer trust and responsible consumption. This research has significant implications for improving CSR practices, encouraging stakeholder engagement, and fostering an integrated approach to sustainability in the fashion industry. Aligning CSR strategies with global sustainability goals can mitigate negative impacts and enhance corporate reputation. Future studies should focus on longitudinal analyses of CSR initiatives and the role of policy and regulation in promoting corporate sustainability, contributing to the ongoing discourse on sustainable fashion.